By Christian Siviere, October 4, 2019
The International Chamber of Commerce (ICC) has released the long-awaited 2020 update of their international trade terms
The International Chamber of Commerce (ICC) has released the long-awaited 2020 update of their international trade terms for the sale of goods, the Incoterms. The new version takes effect January 1, 2020, and the release was timed to coincide with the ICC’s 100th anniversary.
The Incoterms rules define the division of responsibilities between a seller and a buyer for the tasks, costs and risks involved in delivering merchandise. Although they are not laws, they have gained wide acceptance over the years. Used by traders all over the world, they constitute a sort of universal language for businesses, providing clarity and certainty everywhere. First introduced in 1936, they have been revised on a regular basis to reflect changes in international trade; since 1980 they’ve been updated every 10 years.